Markets Extend Losses, Realty And Auto Take A Hit

Losses on the bourses have extended since morning with trading taking place deeper in the red. Broader indices are trading significantly lower with the Sensex and Nifty down by 0.76% and 0.87% respectively.

All the sectoral indices are negative trading except for the IT Index which has appreciated by a marginal 0.15%. The worst performing indices are Realty and Auto which are trading lower by 2.18% and 1.26% respectively. There are a number of indices trading lower by more than 1% thus highlighting the inherent weakness in the markets. Consumer Durables, Oil and Gas and Power are among these heavy losers.

Domestically, the market breadth continues to remain negative. The gravity of this weakness has increased and is clearly visible from the market breadth. On the BSE, 1698 shares have declined, while 928 shares have advanced; 116 shares remain unchanged.

Among individual stocks, Bharti Airtel is the worst performing with a decline of 2.81%. It is currently trading at Rs 308 per share. Metal stocks have witnessed some profit booking today. Stock prices of Hindalco Industries, Sterlite Industries and Jindal Steel are trading lower in the range of 1.59% and 2.03%. Among other stocks that are trading lower by more than 1% are SBI, Bajaj Auto, M&M, RIL, Coal India and ONGC. There is minor weakness in the stocks of NTPC, Maruti Suzuki, ICICI Bank and Hero MotoCorp.

On the other hand, with massive weakness prevalent in the markets, there are only five index stocks which are trading higher. These include technology biggies - TCS and Infosys which are trading higher by 0.93% and 0.27% respectively. Among other gainer are HUL, Tata Steel and Cipla. These stocks have seen gains in the range of 0.14% and 0.50% respectively.

In line with the evident weakness seen in the markets, we continue to expect this downward trend to continue through the rest of the day